Yunmeng Web3, publicly analyzing market trends every day. Welcome, brothers, to join us!
Market Analysis——
Good evening, brothers! It's been several days since I updated the market, and the company has been quite busy while the market has been stuck in that range. Today, it finally broke out of the range and made a move, so I’m here to analyze the market for you. I mentioned in my previous market analysis to pay attention to the top and bottom of this range. Whichever side breaks indicates the direction we will go. Currently, Bitcoin has reached a very critical position, whether it will rebound or drop depends on this position, so let's discuss it.
$BTC Currently, we need to pay attention to the 885 position for Bitcoin. If the daily line stands above this position or strongly breaks through it, we can interpret that as a quick return of the bulls! Bitcoin will then look towards 91-93. If it cannot maintain this position, it is highly likely to consolidate sideways before going down. As for how far down it will go, we will have to see how it moves next. Now, let’s discuss the intraday market analysis. Bitcoin is currently focusing on the 87500 position. If it stabilizes there, it will go up. The upper resistance levels are 88467, 89520, and 90940. If it subsequently breaks below the 87500 position, it will start a small-scale correction. The lower support levels are 86740, 83230, and 85870.
$ETH Ethereum, this little weakling, is also quite weak. Bitcoin has already reached 885, while Ethereum hasn't broken 1662 yet. That's why I say Ethereum won't disappoint you! Currently, pay attention to the 1615 position for Ethereum. If it stabilizes there, it will go up. The upper resistance levels are 1662, 1698, and 1721. If it subsequently breaks through the 1662 position, the rebound will be stronger. If it cannot stabilize above 1615, it will go down. The lower support levels are 1590, 1563, and 1522.
Now, let me share my personal opinion. Overall, I still have a positive outlook on Ethereum. I also mentioned that I won't be bullish as long as Bitcoin's daily line stays below 885. Of course, this is just my personal view; ultimately, it depends on how the market moves.
